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(Q1) Needle Still Points North

WTI TECHS
  • RES 4: $74.20 - High Apr 26, 2019 (cont)
  • RES 3: $73.40 - High May 20 2019 (cont)
  • RES 2: $72.21 - 0.764 proj of Mar 23 - May 18 - May 21 price swing
  • RES 1: $71.99 - High Jun 3
  • PRICE: $71.36 @ 06:48 BST Jun 4
  • SUP 1: $69.90 High May 18 and the recent break out level
  • SUP 2: $68.63 - 20-day EMA
  • SUP 3: $66.39/64.50 - Low May 24 / Low May 21 and key support
  • SUP 4: $63.51 - Low Apr 22

Brent crude futures continue to head north and the contract extended the uptrend once again yesterday. The focus turns to $72.21, a Fibonacci extension and $73.40, the May 20, 2019 high (cont). Price recently breached the 50-day EMA however levels around the average continue to provide strong trend support. Weakness through $64.50 low is required to signal a key short-term top. Initial support is at $69.90.

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